Core Viewpoint - CF Industries has shown strong performance in its recent earnings report, with significant increases in earnings and sales, driven by higher prices and strong global nitrogen demand [2][3]. Financial Performance - CF Industries reported Q4 2025 earnings of $2.59 per share, up from $1.89 in the same quarter last year, with adjusted earnings at $2.99 per share, exceeding the Zacks Consensus Estimate of $2.50 [2]. - Net sales increased approximately 22.8% year over year to around $1.87 billion, surpassing the Zacks Consensus Estimate of $1.79 billion [2]. - Cash and cash equivalents as of December 31, 2025, were $1.98 billion, reflecting a 22.8% year-over-year increase, while long-term debt rose to about $3.22 billion, an 8.2% increase year over year [8]. Segment Performance - The Ammonia segment saw net sales rise 23.8% to $708 million, exceeding estimates, with improved adjusted gross margins due to higher selling prices [4]. - Granular Urea segment sales increased 6.9% year over year to $372 million, but fell short of estimates, with margins improving due to higher prices [5]. - UAN segment sales surged around 51.6% year over year to $564 million, beating estimates, with margins also benefiting from higher prices [6]. - AN segment sales declined approximately 19.8% year over year to $81 million, missing estimates, although margins improved due to higher prices [7]. Market Outlook - The global nitrogen outlook is positive, supported by strong demand and tight supply, particularly from major importers like India and Brazil [9]. - Supply constraints are influenced by geopolitical issues affecting Russian exports and gas shortages in Trinidad and Iran, while North American ammonia supply is expected to remain healthy [9][10]. - Demand for low-carbon ammonia and nitrogen is anticipated to rise, contributing to the development of a low-carbon nitrogen supply chain [10]. Estimate Trends - There has been an upward trend in estimates for CF Industries, with the consensus estimate shifting by 10.44% recently [11]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [13]. VGM Scores - CF Industries has an average Growth Score of C, a Momentum Score of A, and a Value Score of B, placing it in the top 40% for value investors [12].

Summary of LSB Industries Conference Call Company Overview - **Company Name**: LSB Industries - **Ticker**: LXU - **Headquarters**: Oklahoma City, Oklahoma - **Industry**: Fertilizer and Chemical Manufacturing - **Facilities**: El Dorado, Arkansas; Cherokee, Alabama; Pryor, Oklahoma; Baytown, Texas (for Covestro) - **Sales**: Projected $615 million in 2025, split between industrial and agricultural markets - **Market Capitalization**: Approximately $1.1 billion - **Net Debt**: $300 million - **Enterprise Value**: $1.4 billion - **Shares Outstanding**: Approximately 72 million shares trading around $15 each - **CFO**: Cheryl Maguire, with over 20 years of experience in financial and accounting roles in the chemical manufacturing and energy industries [1][2] Core Business Insights - **Product Focus**: LSB primarily produces ammonia, which is upgraded into UAN (a fertilizer) and sold into industrial markets [3][4] - **Market Dynamics**: Strong pricing in fertilizer markets driven by geopolitical factors, particularly the war in Ukraine and Iran [5][9] - **End Markets**: - **Agricultural**: UAN primarily used for corn, with strong demand due to planting season [5][41] - **Industrial**: Products include nitric acid for polyurethane and ammonium nitrate for mining [4][5] Financial Performance - **Historical EBITDA**: - 2022 EBITDA peaked at $440 million due to high ammonia prices ($1,600-$1,700 per ton) [23][25] - EBITDA normalized in 2023 as prices decreased [30] - **Current EBITDA**: Projected at $160 million for 2025, with a goal to increase by $50 million over the next 24 months [7][10] - **Leverage**: Reduced from over 14 times to below 2 times [6][75] - **Capital Allocation**: Returned $460 million through share repurchases and debt reduction over the last four years [10][52] Future Growth Opportunities - **Value Creation**: Targeting an additional $50 million in EBITDA through: - Carbon capture project at El Dorado facility, expected to generate $15 million [13][14] - Further production and cost improvements totaling $35 million [14] - **M&A Strategy**: Looking to acquire companies with $150-$200 million EBITDA to expand footprint [62][67] - **Operational Improvements**: Focus on upgrading ammonia production to enhance margins [12][68] Market Conditions and Pricing - **Current Pricing**: Ammonia prices around $800-$900 per ton, UAN at $450 [40] - **Supply Constraints**: Geopolitical tensions affecting fertilizer supply, with 30% of global fertilizer supply potentially impacted [34][35] - **Natural Gas Advantage**: U.S. gas prices at $3 per MMBTU compared to $23 in Europe, providing a competitive edge [35][36] Risks and Considerations - **Demand Destruction**: Some buyers are hesitant due to high prices, but strong demand persists as planting season approaches [41][42] - **Tariffs Impact**: Tariffs have supported higher prices in the U.S. market, contributing to overall pricing stability [59] Conclusion LSB Industries is positioned for growth with a strong focus on operational improvements, strategic acquisitions, and capitalizing on favorable market conditions in the fertilizer and industrial sectors. The management team is confident in their ability to navigate the current geopolitical landscape while enhancing financial performance and shareholder value [63][67].

Core Viewpoint - Senator Josh Hawley accused CF Industries Holdings Inc and other fertilizer giants of price gouging, as urea prices surged 32% in just 12 days due to supply disruptions from the Iran conflict [1][3] Group 1: Price Surge and Accusations - Urea fertilizer prices increased from approximately $516 per ton to as high as $683 within 12 days, with reports indicating a $140 rise in urea prices and $100 increases in NH3 and UAN prices [3][4] - Hawley emphasized that farmers cannot bear another price shock and warned that Congress would not stand by if companies exploit the conflict to unjustifiably raise prices [4][5] - The wholesale urea price jumped from a range of $460-480 per ton to $520-620 after the conflict began [5] Group 2: Market Dynamics and Investigations - The fertilizer industry is highly concentrated, with four companies controlling 75% of the nitrogen fertilizer market and two companies nearly monopolizing the U.S. potash supply [5] - The U.S. Department of Justice is investigating CF Industries, Nutrien, Mosaic, Koch Industries, and Yara International for potential collusion to raise prices [5][6] - The U.S. Department of Agriculture's Deputy Secretary warned that any attempt to exploit the situation for price gouging would not be tolerated [5][6] Group 3: Regulatory Pressure and Deadlines - CF Industries faces a deadline of March 27 to respond to Hawley's detailed questions regarding price changes since February 28, including specific data on pricing by date, product, and location [6][7] - The company must also retain all documents and communications related to fertilizer pricing since January 1, 2025 [6][7] - Ongoing antitrust investigations are increasing regulatory pressure as the spring planting season approaches [6]

Core Insights - The demand for ammonium nitrate (AN) in mining remains strong, particularly from copper and gold miners, as they maximize production at record prices [1] - The company has optimized its production balance by reducing UAN volumes to enhance AN spot sales, supporting customers facing supply constraints [1] - LSB Industries reported record production levels for nitric acid and ammonium nitrate solution in 2025, driven by operational improvements [2][6] Financial Performance - Full-year adjusted EBITDA for 2025 reached $162 million, a 25% increase year-over-year, with Q4 EBITDA at $54 million, up 42% from the previous year [6][9] - The company ended 2025 with approximately $150 million in cash and a net leverage ratio of 1.8x, while free cash flow for the year was $44 million after sustaining capital expenditures of $53 million [17] - Operating costs were elevated due to timing of expenses and increased maintenance, but free cash flow generation remained consistent with expectations [10] Production and Pricing Outlook - UAN pricing averaged $320 per ton in Q4, reflecting a 39% increase from the prior year, with expectations of continued tight domestic supply through mid-2026 [7] - Ammonia prices remain above year-ago levels, influenced by reduced supply from the Middle East and higher production costs in Europe [8] - The company anticipates a production loss of approximately 60,000 tons of ammonia and 50,000 tons of UAN due to planned turnarounds in 2026 [5][12] Safety and Operational Improvements - LSB Industries achieved a record low reportable incident rate of 0.40 incidents per 200,000 work hours as of December 31, 2025, with three out of four sites operating injury-free for the full year [3] - The company is focused on enhancing operational efficiency and reliability, which has contributed to record production levels [2][4] Future Initiatives - LSB plans to invest approximately $75 million in capital expenditures for 2026, including environmental and reliability improvements [5][13] - The company is on track to begin CO2 sequestration as part of its carbon capture project by the end of 2026 or early 2027, with expectations of significant annual EBITDA uplift from this initiative [19][16] - Management sees an additional $35 million of incremental annual EBITDA opportunity from higher production rates and efficiency gains [18]

Financial Data and Key Metrics Changes - In 2025, adjusted EBITDA increased to $162 million, a 25% year-over-year growth from $130 million in 2024 [11] - Q4 adjusted EBITDA grew 42% year-over-year from $38 million in Q4 2024 to $54 million in Q4 2025 [11] - Operating cash flow for the full year of 2025 was $96 million, with free cash flow at $44 million after sustaining capital expenditures [12] Business Line Data and Key Metrics Changes - The industrial business optimized production by reducing UAN production volumes to maximize ammonium nitrate (AN) sales, which are strong due to demand from mining sectors [8] - UAN pricing averaged $320 per ton in Q4, up 39% from Q4 2024, reflecting low domestic inventory and constrained supply [9] - Strong fall ammonia sales were supported by favorable weather conditions, with the Tampa ammonia benchmark price remaining above year-ago levels [9] Market Data and Key Metrics Changes - Demand for AN for explosives in mining is strong, particularly among copper and gold miners [8] - The U.S. coal production remains resilient, contributing to steady demand for ammonium nitrate [8] - The market for ammonia is tight due to reduced supply from the Middle East and Trinidad, with prices expected to trend back to mid-cycle levels as new production comes online [10] Company Strategy and Development Direction - The company aims to achieve upper quartile manufacturing status, targeting 95% capacity utilization for ammonia plants [48] - Continued focus on operational reliability and efficiency improvements, with planned turnarounds to enhance production capabilities [15][48] - Strategic initiatives are in place to capture an additional $50 million in annual EBITDA through various operational improvements [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing value from operational and commercial improvements, despite ongoing challenges in the market [6] - The company is optimistic about the favorable market conditions and expects strong underlying volume momentum in 2026 [15] - Management acknowledged the stress in the agricultural sector but believes demand for nitrogen fertilizers will remain solid due to projected corn planting acres [61][62] Other Important Information - The company is making progress on its carbon capture and sequestration project at the El Dorado site, with a timeline to begin sequestering CO2 by the end of 2026 [22] - The company ended 2025 with approximately $150 million in cash and a net leverage of 1.8 times [12] Q&A Session Summary Question: Thoughts on gross ammonia production and productivity - Management indicated confidence in increasing gross ammonia production to 875,000-880,000 tons without turnarounds, with 30%-40% of the $35 million production improvement initiatives linked to higher production rates [28] Question: Non-gas cost assumptions for 2026 - Management noted improved efficiency and reduced maintenance costs as key factors in holding non-gas costs flat or slightly down [31] Question: Market response to supply disruption from CF at Yazoo City - The market is currently tight, with significant production capacity out, and pricing for AN sales is above typical contract rates [33] Question: Potential tailwind from rising U.S. coal production - Management believes coal production is holding steady, providing a solid demand backdrop for AN [37] Question: Demand evolution for fertilizers in 2027 - Management expects tight supply and demand balance for ammonia and UAN products to continue, with pricing reflecting market conditions [40] Question: Strategic priorities for 2026 - The focus remains on manufacturing improvements, operational reliability, and exploring growth opportunities through capital investments [48] Question: Willingness to pay for blue ammonia - The market is slow to pay a premium for low-carbon products, but there are niche opportunities being pursued [50][51]

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA was $162 million, a 25% increase from $130 million in 2024 [11] - Q4 adjusted EBITDA grew 42% year-over-year from $38 million in Q4 2024 to $54 million in Q5 2025 [11] - Operating cash flow for the full year of 2025 was $96 million, with free cash flow at $44 million after sustaining capital expenditures [12] Business Line Data and Key Metrics Changes - Record production of nitric acid and ammonium nitrate solution in 2025, reflecting improvements in plant reliability and operational efficiency [5] - UAN pricing averaged $320 per ton in Q4, up 39% over Q4 2024, with strong demand for ammonium nitrate in mining and infrastructure [9][10] - Demand for ammonia remains strong, supported by reduced supply from the Middle East and Trinidad, and higher production costs in Europe [10] Market Data and Key Metrics Changes - The U.S. coal production remains resilient, supporting demand for ammonium nitrate in explosives [7][36] - The market for nitrogen fertilizers is tight, with expectations of continued strong demand due to projected corn planting [10][40] - Pricing for ammonium nitrate is above typical contract rates due to supply disruptions, particularly from CF at Yazoo City [33] Company Strategy and Development Direction - The company aims to achieve upper quartile manufacturing with a target of 95% capacity utilization for ammonia plants [43] - Focus on optimizing production and commercial operations, with plans for selective capital investments to meet demand [45] - Continued emphasis on carbon capture and sequestration projects, with expected annual EBITDA improvements from these initiatives [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing additional value through ongoing operational improvements and favorable market conditions [5][24] - The company anticipates a meaningful uplift in first quarter earnings compared to the first quarter of 2025, despite temporary gas cost increases [18] - Management noted that while farmer economics are under stress, demand for nitrogen products is expected to remain solid due to supply and demand dynamics [60] Other Important Information - The company ended 2025 with approximately $150 million in cash and a net leverage of 1.8 times [12] - Plans for turnarounds at El Dorado and Cherokee facilities are scheduled, with proactive measures to maintain production during these periods [14][56] - The company is exploring opportunities in the low-carbon product market, although the willingness to pay a premium is still developing [48][49] Q&A Session Summary Question: Thoughts on gross ammonia production and productivity - Management indicated confidence in increasing gross ammonia production to 875,000-880,000 tons without turnarounds, with 30%-40% of the $35 million production improvement initiatives linked to higher production rates [27][28] Question: Non-gas cost assumptions for 2026 - Management attributed expected flat or slightly reduced non-gas costs to improved efficiency and reduced maintenance costs [29][31] Question: Market response to supply disruption from CF at Yazoo City - The market is currently tight, with pricing for ammonium nitrate above typical rates, and demand from mining sectors is strong [32][33] Question: Potential tailwind from rising U.S. coal production - Management noted that coal production is steady, providing a solid demand backdrop for ammonium nitrate [36] Question: Demand evolution for fertilizers in 2027 - Management expects tight supply and demand balance to continue, with potential demand destruction from elevated pricing being limited [39][40] Question: Current farmer economics and impact on demand - Management acknowledged stress in farmer economics but emphasized that supply and demand dynamics will drive demand for nitrogen products [60]

Summary of CF Industries Conference Call Company Overview - **Company**: CF Industries - **Year Reviewed**: 2025 - **Key Financials**: - EBITDA: $2.9 billion - Free Cash Flow: $1.8 billion - Asset Utilization: 97% - Strong safety performance noted [4][4][4] Industry Insights Nitrogen Market Dynamics - **Ammonia Demand**: - Global demand for ammonia is approximately 200 million tons annually, with only 15-17 million tons traded globally by sea [7][7] - Current ammonia prices range from $600 to $700 per ton, while production costs are around $120 to $130 per ton at $3 gas [9][9] - The U.S. has structural advantages in ammonia production, particularly in the Gulf Coast region [5][5] - **Market Conditions**: - The ammonia market is currently supply-limited due to idled capacity in Europe and gas supply issues in Trinidad [7][7] - CF Industries has a strong market position due to its low-cost production capabilities and strategic location [10][10] Urea Market - **Urea Demand**: - Urea remains fundamentally strong with favorable supply-demand dynamics, despite potential softness in ammonia [14][14] - CF produces 10 million tons of ammonia, upgrading about 5 million tons to urea, indicating a strategic focus on maximizing value [15][15] Diesel Exhaust Fluid (DEF) Market - **Growth Potential**: - DEF is a growing market, with increased consumption expected due to new equipment and regulatory changes [16][16] - The company plans to continue investing in DEF production [22][22] Future Outlook 2026 Projections - **Nitrogen Demand Growth**: - Positive growth expected in nitrogen demand due to increased corn acreage and global dietary improvements [26][26][28][28] - The planted corn acreage in North America reached 98 million, higher than previous projections [26][26] Regulatory Environment - **CBAM and European Market**: - Uncertainty surrounding the Carbon Border Adjustment Mechanism (CBAM) in Europe may impact supply and demand dynamics [30][30] - CF Industries is positioned to supply low-carbon products, which may be advantageous in the evolving regulatory landscape [30][30] Capital Expenditure Management - **CapEx Inflation**: - The company is managing CapEx inflation through detailed engineering studies and modular construction designs for new plants [50][50] - Fixed-price contracts are being utilized to mitigate risks associated with rising costs [53][53] Risks and Challenges - **Geopolitical Factors**: - Ongoing geopolitical tensions, such as the conflict in Ukraine and gas supply issues in Trinidad, are contributing to market tightness [47][47][48][48] - **Logistical Challenges**: - Transportation of ammonia is constrained by pipeline capacity and regulatory challenges, impacting the ability to move product efficiently [12][12][94][94] Conclusion - CF Industries is well-positioned in the nitrogen market with strong financial performance and strategic advantages. The company is navigating challenges related to supply dynamics, regulatory changes, and capital expenditure management while anticipating growth in nitrogen demand driven by global agricultural trends.

Financial Data and Key Metrics Changes - For the full year 2025, the company reported consolidated net income of $90 million and EBITDA of $591 million [4] - The fourth quarter consolidated net loss was $116 million, with EBITDA of $51 million, impacted by accelerated depreciation and extended downtime [4] - The net loss attributable to CVI shareholders for Q4 2025 was $110 million, with losses per share of $1.10 and adjusted EBITDA of $91 million [7] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA for Q4 2025 was $73 million, a significant increase from $9 million in Q4 2024, driven by higher crack spreads and increased throughput [7] - The fertilizer segment reported adjusted EBITDA of $20 million for Q4 2025, down from $50 million in the prior year, affected by ammonia utilization rates and operational issues [11] - The renewable segment experienced a breakeven adjusted EBITDA for Q4 2025, a decline from $9 million in Q4 2024, due to loss of tax credits and reduced throughput [10] Market Data and Key Metrics Changes - Combined total throughput for Q4 2025 was approximately 218,000 bbl per day, with a utilization rate of 97% [8] - RINs prices averaged $6.05 per bbl for Q4 2025, a decline from previous levels, impacting the company's capture rate [9] - The estimated accrued RFS obligation on the balance sheet was $72 million at year-end, representing 59 million RINs [9] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, reevaluating commercial optimization opportunities to improve margin capture in the petroleum segment [18][19] - Plans include expanding asset footprint and pursuing geographic diversity while maintaining a disciplined approach to capital allocation [20] - The company is optimistic about refining sector fundamentals, anticipating steady demand growth for refined products [21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding RINs and the potential for SRE grants, emphasizing the economic harm caused by compliance with the RFS [23] - In the fertilizer segment, strong demand for nitrogen fertilizers is expected due to anticipated corn planting increases [24] - The company is optimistic about the Midcontinent market, expecting improved dynamics with new pipeline developments [49] Other Important Information - Cash flow from operations for Q4 2025 was breakeven, with free cash flow usage of $55 million [12] - Total consolidated capital spending for 2025 was $197 million, with projections for 2026 estimated at $200 million-$240 million [13] - The company completed a $1 billion senior notes offering to extend debt maturity profiles and improve financial flexibility [15][16] Q&A Session Summary Question: Expansion plans and asset acquisition strategy - The company is looking for proactive engagement in M&A discussions, focusing on both refining and fertilizer sectors while maintaining financial discipline [28][29] Question: Dividend return expectations - Management indicated that a clear path to further debt reduction is necessary before considering a return to dividends, emphasizing sustainability [32][33] Question: Ramping up WCS runs at Coffeyville refinery - The company is increasing WCS processing due to favorable market conditions and upgraded facility capabilities [38][39] Question: RIN prices and mitigation strategies - Management acknowledged rising RIN prices and is exploring blending more barrels and acquiring additional blending capacity to mitigate exposure [41][42] Question: Capture rates and pipeline projects - The company is optimistic about improving capture rates and sees potential benefits from new pipeline infrastructure in the Midcontinent [48][49]

Core Insights - The company reported a net sales of $131 million and a net loss of $10 million for Q4 2025, with an EBITDA of $20 million [1][6] - For the full year 2025, net sales reached $606 million, with an EBITDA of $211 million and a net income of $99 million, equating to $9.33 per common unit [6][4] - The board declared a distribution of $0.37 per common unit for Q4 2025, with full-year distributions totaling $10.54 per common unit [4][11] Financial Performance - Q4 2025 EBITDA decreased compared to Q4 2024 primarily due to lower production and sales volumes, alongside higher direct operating costs related to a planned turnaround at the Coffeyville facility [6][11] - Direct operating expenses for Q4 2025 were $81 million, including $14 million in turnaround expenses, with an increase of approximately $9 million from Q4 2024 [9][6] - Total ammonia production for Q4 was 140,000 gross tons, with 62,000 net tons available for sale, and UAN production was 169,000 tons [7] Market Conditions - Prices for UAN increased by approximately 55% and ammonia prices by about 32% compared to the prior-year period [8] - The company anticipates strong demand for nitrogen fertilizers in the spring planting season, with expectations of 95 million acres of corn to be planted in 2026 [12][27] - Global inventory levels for nitrogen fertilizers remain tight, influenced by geopolitical tensions and production capacity issues in key regions [13][14] Operational Updates - The ammonia plant utilization rate for 2025 was 88%, with Q4 utilization impacted by a turnaround and startup issues at the Coffeyville facility [4][5] - The company is focused on improving reliability and production rates through ongoing debottlenecking projects and capital expenditures [15][16] - Maintenance capital spending for 2025 was $57 million, with estimates for 2026 maintenance capital spending between $35 million and $45 million [9][10] Future Outlook - The company expects ammonia utilization rates to be between 95% and 100% in 2026, with direct operating expenses projected to be between $57 million and $62 million [11] - There is optimism regarding the spring planting season due to favorable weather conditions and early movement of ammonia [28][29] - The company is actively monitoring supply constraints and geopolitical risks that could impact nitrogen fertilizer markets [13][27]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $131 million, a net loss of $10 million, and EBITDA of $20 million [4] - For the full year 2025, net sales were $606 million, with an EBITDA of $211 million and a net income of $99 million, or $9.33 per common unit [8] - The fourth quarter EBITDA decreased primarily due to lower production and sales volumes and higher direct operating costs associated with a planned turnaround [8] Business Line Data and Key Metrics Changes - Total ammonia production for Q4 was 140,000 gross tons, with 62,000 net tons available for sale, and UAN production was 169,000 tons [9] - UAN sales volumes were lower due to the planned turnaround and startup issues, but prices for UAN increased approximately 55% and ammonia prices increased approximately 32% compared to Q4 2024 [9] Market Data and Key Metrics Changes - The company noted strong pricing for nitrogen fertilizers throughout the quarter, with expectations for continued strong demand due to anticipated planting levels [6][14] - The USDA estimates a record crop year for 2025, with corn yields of nearly 187 bushels per acre on nearly 99 million acres planted [13] Company Strategy and Development Direction - The company is focused on improving reliability and production rates through debottlenecking projects and is planning for ammonia expansion at the Coffeyville facility [16] - The board has elected to reserve capital for future projects, which are expected to be funded from reserves accumulated over the past several years [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring planting season, citing strong demand for nitrogen fertilizers and tight global inventory levels [14] - Geopolitical tensions and natural gas supply issues in Europe are seen as risks that could impact fertilizer supplies [15] Other Important Information - Direct operating expenses for Q4 were $81 million, including turnaround expenses of approximately $14 million [10] - The company ended the quarter with total liquidity of $117 million, consisting of $69 million in cash and $48 million available under the ABL facility [11] Q&A Session Summary Question: What are you seeing in terms of UAN imports? - Management noted that UAN imports from Trinidad are lower due to a Nutrien plant being down, keeping the market tight for UAN [23] Question: Does the decrease in deferred revenue indicate less product pre-sold this year? - Management clarified that it was a timing issue, with more activity expected in January and February rather than December [25] Question: Will ammonia and UAN pricing increase sequentially heading into Q1 2026? - Management confirmed that pricing is expected to see an uptick from Q4 to Q1, based on the current book of business [26] Question: Is the air separator issue at Coffeyville resolved? - Management expressed confidence that the issues have been addressed and is in discussions with the service provider about future operations [27] Question: How does the acreage decrease for corn affect demand? - Management remains optimistic about demand due to the need for nitrogen replenishment in the soil, despite a slight decrease in acreage [29][30]